Counterparty (XCP) is an open-source, decentralized platform built on top of the Bitcoin blockchain, designed to extend Bitcoin’s functionality by enabling peer-to-peer financial applications, smart contracts, and the creation and trading of custom digital assets, including what are now known as non-fungible tokens (NFTs). Launched in January 2014 by founders Adam Krellenstein, Evan Wagner, and Robby Dermody, Counterparty allows users to create, trade, and manage digital tokens and assets directly on the Bitcoin blockchain, leveraging its security and decentralization without requiring a separate blockchain.